VIK,
Rusting step bars was a common problem with the early 2001/2002 Sport Tracs. The problem appears to be a poor paint job. Many people have had to have their step bars repainted withing the first year under warranty.
Since you are probably out of warranty, you will have to pay to have them repainted or repaint them yourself.
I had my step bars painted to match my Torreador Red 2001 Sport Trac and had them clear-coated with a special Stone-Guard paint. Stone guard is a softer clear paint that absorbs the impacts from rocks and stones being kicked up by the tires and will not chip the paint. I had them on my Sport Trac for about 3 years and sold them and they looked liked the day I had them painted.
I paid less than $100 to have the step bars painted, but I removed them and took them to the shop and I was a friend of the service manager for over 12 years. You might have to pay more to have your step bars painted. I would guess that it would cost about $150-$200 now.
...Rich